Yesterday, the association’s board was apparently in a scheduled “board meeting” for more than five hours and was unable to arrange a phone interview, take a phone call from ifa or issue a public statement before deadline.ifa understands a statement may be forthcoming later today.

The association came under increasing pressure yesterday as the fallout from Monday’s attack on the integrity of the financial planning sector continued.

Shadow minister for financial services Mathias Cormann entered the fray, rebuking the association for its disruptive comments, describing them as “reckless and irresponsible”.

"Financial planners and advisers provide a very important service helping people to improve their financial health and well-being by managing financial risks and maximising opportunities,” the Senator said.

"Overwhelmingly the industry operates at a very high standard with planners and advisers totally focused on and committed to the best interest of their clients”.